Pakistan Stock Exchange (PSX) maintains its bullish momentum. Just two weeks ago, the KSE 100 Index soared to a record high of 67,000. Today, it breached another critical level, closing at a historic 70,314.
The KSE 100 gained an impressive 695 points today, representing a 1% increase. Intra-day, the index surged to a high of 70,677, marking a rise of over 1,000 points.
In the current month, with only six trading sessions completed, the KSE 100 has already accumulated significant gains of 3,310 points, translating to nearly 5%. Year-to-date, the index boasts an impressive 8.74% increase, and its one-year return surpasses a remarkable 76%.
It's important to note that the KSE 100 is a total return index, factoring in cash dividend payouts.
Fauji Fertilizer (FFC) was the biggest driver of today's KSE 100 surge, contributing a significant 217 points to the index's 695-point gain. FFC, with a 4.42% weighting in the index, surged roughly Rs 10 per share and closed at the upper limit.
Meezan Bank (MEBL) was the second-largest contributor, adding 78 points with a 2.5% increase. Hub Power, Engro Fertilizer, and United Bank followed closely, contributing 57, 51, and 45 points, respectively.
However, it's worth noting that not all heavyweights performed positively. While the top 12 stocks exceeding 3% weight collectively added 396 points to the index, four stocks within this group declined, subtracting a combined 100 points.
Foreign corporates were active today at PSXS with more than normal net buying. See Note.
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